News Corp’s Dow Jones unit, which includes the Wall Street Journal publications, announced that it will end local language products in Germany and Turkey. All websites, a radio broadcasting unit and a Sunday insert in partner newspapers will all be terminated very soon, according to the news appeared on Turkish WSJ.
The company said the decision results from the necessity to save money to invest more in digital and mobile.
Last week, News Corp reported 3% fall in its news and information-services in Q3 compared to the same period last year. Dow Jones recorded even a bigger drop in revenues, around 12%, for the quarter, mainly due to declines in advertising and the professional information business, which includes Factiva, Dow Jones Newswires and other specialty products, report Wall Street Journal.
As a result of the decision which is expected to take effect by the end of the year, some 50 to 60 employees will lose their jobs. Dow Jones employs about 5,000 people.
William Lewis, the CEO of Dow Jones, said recent investments in digital and mobile products meant that reductions in other areas had become necessary. He continued, “It will come as no surprise that in order to do even more, we must do fewer things that are not core to our business so that we can move faster in pursuit of our goals”
Local websites in Germany and Turkey will cease to operate at the end of the year, along with a Turkish-language newswire. News bureaus in both countries will continue operating.